The Study On Shareholding Structure And Inefficient Investments Of Listed Company

Shareholdering structure of enterprises have a significant impact on corporate investment behavior. We uses theoretical analysis and empirical analysis to measure the efficiency of company's investment, then research on the inefficient investment in depth. At last, the paper propose some recommendations to improve the governance structure for listed company.This paper contain two-step empirical analysis:First, we study the variable that representative the company's investment opportunities and the company's actual investment. Secend, we study how the shareholdering concentration, controled nature, blockholders impact the efficiency of investment behavior respectively.Generally, improvement of corporate governance structure could recolve the agency conflicts, thereby reducing the inefficient investment. We combine the actual situation in China, we found some conclusion:We know there are 63.54% of the sample companies under-investment and 36.46% of the companies over-investment. shareholding concentration increase the inefficient investment; state-controlled company more likely over-investment; and blockholders could not reduced the inefficient investment in state-owned company.